Are you searching for how to get a loan from Providus Bank in Nigeria? If so, then you are in the right source.
This article will provide you with all the information you need to get started. We’ll discuss the application process, the different types of loans available, and other tips for ensuring your loan is approved.
Brief History of Providus Bank?
Providus Bank is a Nigeria commercial bank based in Lagos, and was founded in the early month of 2016.
The bank provides debt financing facilities to small and medium-sized companies in different industries including agriculture, mining, hospitality, e-commerce, and art & entertainment.
Does Providus Bank offer loan services?
Yes, Providus Bank offers loan services to individuals and businesses.
What types of loans does Providus Bank offer?
Providus Bank offers a range of loan products to suit customers’ needs, these include:
- Personal Loans: Whether you’re looking to finance a major purchase, consolidate debt or cover unexpected expenses, Providus Bank’s personal loans can help. The flexible repayment options make it easy to meet your repayment obligations.
- Mortgage Loans: Providus Bank has one of the most competitive mortgage rates in Nigeria, making it an ideal option for home buyers and property investors. The bank provides both conventional and Islamic financing, so you can choose a solution that best fits your needs.
- Vehicle Loans: Whether you’re looking for a new car or need funds for repairs, Providus Bank’s vehicle loans can help. The bank offers competitive rates, flexible terms, and fast approval times, making it easy to get the vehicle of your dreams.
- Business Loans: Providus Bank offers business loans to help entrepreneurs and small business owners access the funds they need to start or expand their businesses. The bank’s competitive rates and flexible repayment options make it a great choice for any business.
- Student Loans: Providus Bank’s student loans make it easier to pay for tuition, books, and other expenses related to your education. The bank offers competitive rates and flexible repayment terms, making it an ideal option for students who need financial assistance.
What are the requirements for getting a loan from Providus bank?
Getting a loan from Providus Bank requires meeting a few basic criteria, these include:
- You must be at least 18 years of age.
- You must have a valid Nigerian ID with a photograph.
- You must have a source of regular income, such as employment or other forms of business income.
- You must have at least a providus bank account.
- You must have a good credit history and a score of 600 or higher on the CIB credit bureau report.
- Your loan amount must not exceed three times your monthly salary or income.
- You must provide supporting documents such as salary slips, proof of address, etc. to prove your income.
- You must also provide collateral if required for the loan amount you are applying for.
What is the interest rate on a Providus loan?
The interest rate on a Providus loan is 25% per annum. This rate is determined by adding 9.5% to the Monetary Policy Rate (MPR) set by the Central Bank of Nigeria. This means that when the MPR changes, the interest rate on Providus loans may change as well.
What are the repayment terms for a Providus loan?
The Repayment terms for Providus Bank loans depend on the loan amount and type.
Generally, loan repayments are made in monthly installments for an average of 6 months to 5 years.
Note that late payments attract additional interest charges and may result in late fees. Providus Bank may require collateral for large loan amounts, which will be forfeited if the loan is not repaid in full or on time.
What are the benefits of getting a loan from Providus?
- Fast Approval: Providus Bank offers quick loan approval and disbursement, ensuring that you get the funds you need when you need them.
- Low Interest Rates: Providus Bank offers competitive rates on its loans, making it a cost-effective solution for those looking to borrow money.
- Flexible Repayment Options: Providus Bank offers flexible repayment plans to fit your budget and needs, so you can be sure you’re paying off your loan in a way that is manageable for you.
- Convenient Online Application: Providus Bank makes applying for a loan easy with its online application process, allowing you to apply for a loan from the comfort of your home.
- Comprehensive Customer Support: Providus Bank offers comprehensive customer support, so you can be sure that any questions or concerns about your loan will be answered in a timely and helpful manner.
How to apply for a loan from Providus Bank
- Visit the Providus Bank website and select the “loan application” option.
- Fill out the loan application form accurately, including all required documents such as proof of identity, proof of residence, and proof of income and the rea
- Submit your application and wait for a response.
- If your application is approved, Providus will contact you to complete the loan process.
- You will be asked to sign a loan agreement, provide additional documentation, and make a deposit into your account to cover the costs associated with the loan.
- Once all the requirements are met, Providus will disburse the loan amount to your account.
Frequently Asked Questions
What is Providus bank USSD code?
Provides bank has not provided any USSD code for transactions as at the time of writing this article.
Can I get a loan with my BVN?
Yes, you can get a loan with your Bank Verification Number (BVN) in Nigeria.
The BVN is an identification number issued to individuals by the Central Bank of Nigeria, which helps banks and other money lenders identify their customers. All Nigerian banks, as well as verified private money lenders, require customers to provide their BVN to access a loan.
However, it is important to note that a BVN cannot be used to access any bank account or be used to pay money into or collect money from any account. It is purely an identification number and not a payment Gateway.
Therefore, if you want to take out a loan, you will need to provide your BVN in addition to meeting the other requirements for the loan.
Which bank easily gives loans?
Several banks in Nigeria offer easy loans, these include; Providus Bank, Access Bank, GTBank, First Bank, and Union Bank. These banks offer easy payment terms and flexible repayment options.
Getting a loan from Providus Bank in Nigeria is a great way to get the financing you need quickly and easily.